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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.40%, DAX30 +0.63%, CAC40 +0.68%

Jan 12 ,2024

  • Synopsis

    • European indices are set to trade higher today as US equities ended mixed, but well off worst levels, in a Thursday session that processed a largely in-line December CPI report.

    • Asia equities are trading mixed. Japan bull run continues with Nikkei 225 on track for cumulative gains of more than 6% this week. Hong Kong lacking direction with mainland China mixed. Australia and South Korea moderately lower.

    • S&P futures (8.5) to 4,807.0, (0.18%) vs settlement

    • Friday sees OECD's Leading Indicator for Jan published at 12:00CET. In central banks, Riksbank's Bunge speech at 9:00CET at the Ekonomichefsdagarna conf and ECB's Lane speech at 12:30GMT at REBUILD Annual Conf. Also of note, Volkswagen (VOW.GR) sales figures for 2023 at 11:00CET.

    • Economic data today: UK Nov industrial/manufacturing production, trade balance, Dec monthly GDP tracker - NIESR, France Dec final CPI, Nov consumer spending, Spain/Greece Dec CPI

    • In corporate news: Arkema (AKE.FP) acquires stake in start-up Tiamat whilst Partners Group Holding (PGHN.SW) reports prelim FY23 AuM CHF18B vs guidance $17-22B and guides FY24 client demand of $20-25B. Jeronimo Martins (JMT.PL) reports preliminary Q4 revenue €8.16B vs consensus €8.22B

  • Politics/Macro/World News

    • Bitcoin ETFs Take Wall Street by Storm With Historic Debut (Bloomberg)

    • Oil jumps as US, UK strike Houthis in Yemen, shares subdued (Reuters)

    • Iran seizes Gulf oil tanker in new threat to Middle East shipping (FT)

  • Top company news

    • Earnings/updates

      • IFF (International Flavors & Fragrances) -- announces J. Erik Fyrwalk to succeed Frank Clyburn as CEO effective 6-Feb-24; reaffirms FY23 revenue guidance $11.3B to $11.6B vs FactSet $11.46B [20 est, $11.37-11.57B]

      • AIR.FP (Airbus SE) -- Airbus reports Dec gross orders of 807 aircraft, deliveries 112

      • DG.FP (VINCI SA) -- announces update regarding change in VINCI's free cash flow in 2023

      • PGHN.SW (Partners Group Holding) -- reports prelim FY23 AuM CHF18B vs guidance $17-22B; guides FY24 client demand of $20 to 25B

      • JMT.PL (Jeronimo Martins) -- reports preliminary Q4 revenue €8.16B vs consensus €8.22B

    • M&A

      • CYTK (Cytokinetics) -- Novartis (NOVN.SW) has backed away from pursuit of Cytokinetics -- media report

      • BLV.FP (Believe) -- SA's major shareholders reportedly exploring potential takeover of the company -- Reuters

      • TNXT.IM (Tinexta) -- firms up offer to acquire 73.9% of ABF Group; transaction expected to close in Q1 of 2024 (post EU close 11-Jan)

      • ACKB.BB (Ackermans & Van Haaren) -- portfolio company EMG agrees to combine with Gravity Media

      • DOV.IM (doValue) -- in preliminary talks to acquire Elliott Management's Gardant servicing unit - Bloomberg (11-Jan, 13:28 CET)

      • Xos enters agreement to acquire ElectraMeccanica

    • Healthcare

      • SANN.SW (Santhera Pharmaceuticals Holding) -- receives UK approval for AGAMREE as a treatment for DMD

    • Other

      • DBK.GR (Deutsche Bank) -- CNMV initiates disciplinary proceedings against Deutsche Bank in relation to misselling of complex derivative products in Spain

      • BOSS.GR (Hugo Boss) -- and Safilo early renew license agreement

      • PIRC.IM (Pirelli & C.) -- MTP/Camfin execute a new shareholders' agreement regards Pirelli & C. (post EU close 11-Jan)

      • TRMD.A.DC (TORM Plc) -- increases share capital by ~624K shares in connection with delivery of two vessels

  • Key rating changes

    • Upgrades

      • Morgan Stanley downgrades LXS.GR, WCH.GR; resumes AKE.FP

      • Morgan Stanley upgrades BNZL.LN, BVI.FP, SGSN.SW; downgrades BNR.GR, ERF.FP, IMCD.NA, and RTO.LN

      • AMS.SW (ams-OSRAM) -- to outperform from market perform at Bernstein

      • BNP Paribas Exane upgrades CARL.B.DC, CCEP, CCEP.NA

    • Downgrades

      • EQNR.NO (Equinor) -- to hold from buy at DnB Markets

      • ALFA.SS (Alfa Laval) -- to sell from neutral at UBS

      • MRL.SM (MERLIN Properties SOCIMI) -- to Hold from Buy at Mirabaud (11-Jan 15:07 GMT)

      • QLT.LN (Quilter) -- to neutral from buy at UBS

      • VITR.SS (Vitrolife) short-term recommendation downgraded to hold from buy at Handelsbanken

  • Data

    • Nikkei +1.50% to 35577.11

    • Hang Seng (0.28%) to 16257.02

    • Shanghai Composite (0.03%) to 2885.81

    • S&P futures (6.5) vs prior close of 4815.5

    • €-$ +0.0003 or +0.03% to 1.0975

    • $-¥ (0.17) or (0.11%) to 145.12

    • €-¥ (0.14) or (0.09%) to 159.26

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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